Argos-owner Home Retail also makes the list with concerns about its business model and shares in TUI Travel, owner of First Choice and Thomson, are also unloved.

One strong theme is the proliferation of insurance companies – Amlin and Catlin – and life insurers – Phoenix, Legal & General and Friends Life.

The life sector, has been battered by bad news, in particular Treasury plans to improve access to pensions.

This raises a crucial point. Namely that the “value” test does not detect changes going on in the real world. So while a company could be making decent profits today, a change in its fortunes could be around the corner, and may be the reason other investors are steering clear.

It should also be noted that value stocks can have spells of underperformance, as also happens with income and growth stocks. This year, for instance, Stockopedia's value index has underperformed the FTSE All-Share.

Ed Page Croft, chief executive of Stockopedia.com, said: “Warren Buffett said 'Price is what you pay. Value is what you get.’

“Value investors have to learn to go against the crowd and venture into contrarian and often unpopular sectors in order to generate outperformance. But they do have to beware of 'value traps’.”